Assume a Boots outlet store began January 2020 with 45 units of inventory that cost $30 each. The sale price of these units was $62. During January, the store completed the inventory transactions below: (Click the icon to view the inventory transactions.) Requirements 1. Determine the store's cost of goods sold for January under the periodic inventory system. Assume the FIFO method. 2. Compute gross profit for January. 3. Last year, gross profit was $3,925. What could management do to improve gross profit? Requirement 1. Determine the store's cost of goods sold for January under the periodic inventory system. Assume the FIFO method. Account Beginning inventory Amount 1350 Plus: Total purchases 3034 Goods available for sale 4384 Less: Ending inventory Cost of goods sold